Ripple’s $150 million legal battle with the US Securities and Exchange Commission took center stage during a recent 60 Minutes episode on CBS News. The segment discussed Ripple’s challenges and the crypto industry’s growing influence, but CEO Brad Garlinghouse expressed frustration with the way the story was presented.
Garlinghouse argued that the interview failed to include significant context that could have provided a balanced view of Ripple’s case. A federal judge had ruled in July that XRP is not a security when sold on public exchanges, contradicting claims made during the segment.
The CEO also criticized former SEC enforcement head John Reed Stark for dismissing crypto’s utility and implying that it could be used for illicit activities. Garlinghouse pointed out that Ripple is already facilitating billions of dollars in cross-border transactions using XRP, all under compliance with regulations.
Crypto proponents echoed Garlinghouse’s sentiments, arguing that the 60 Minutes segment served a biased narrative by omitting favorable details about Ripple and XRP. They criticized the show for misrepresenting the crypto industry and unfairly targeting its CEO.
Despite the shortcomings, the episode highlighted the deep integration of the crypto industry into US politics and society. The recent FIT21 bill aims to establish a clearer regulatory framework for crypto, addressing the uncertainties faced by companies like Ripple.
However, the episode also revealed the divide in perspectives on cryptocurrency, with Stark emphasizing the risks and potential misuse of crypto.
Source: https://crypto.news/ripples-150-million-spending-for-the-last-no